v3.26.1
Condensed Consolidated Statements Of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net loss $ (96,133) $ (70,303)
Adjustments to reconcile net loss to net cash used in operating activities:    
Change in fair value of Convertible Notes payable [1] 0 21,584
Stock-based compensation 21,011 6,318
Non-cash lease expense 51 74
Accretion/amortization on investments (851)  
Depreciation expense 18 5
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 2,612 (1,358)
Other assets   88
Accounts payable 4,428 4,938
Accrued expenses and other current liabilities 5,856 2,862
Related party accrued expenses and other current liabilities (4,670) (3,124)
Operating lease liabilities (59)  
Net cash used in operating activities (67,737) (38,916)
Cash flows from investing activities:    
Purchases of property and equipment   (136)
Purchases of investments (216,221)  
Proceeds from sales/maturities of investments 110,119  
Net cash used in investing activities (106,102) (136)
Cash flows from financing activities:    
Proceeds from the Pre-Closing Financing, net of 14,548 of offering costs   190,452
Cash acquired in connection with the reverse recapitalization   156
Proceeds from stock option exercises 1,579  
Proceeds from ESPP issuances 585  
Net cash provided by financing activities 192,728 190,608
Effect of exchange rates on cash and cash equivalents (77)  
Net increase in cash and cash equivalents 18,812 151,556
Cash and cash equivalents at beginning of period 88,438 69,386
Cash and cash equivalents at end of period 107,250 220,942
Supplemental disclosure of non-cash operating, investing, and financing activities:    
Purchases of property and equipment in accounts payable   16
Deferred offering costs reclassified from Other assets to equity   2,998
Deferred offering costs in accounts payable or accrued expenses and other current liabilities 490 1,341
Operating lease liability arising from obtaining right-of-use asset   773
Prepaids and other current assets acquired in connection with the reverse recapitalization   416
Other liabilities assumed in connection with the reverse recapitalization   (1,020)
Convertible note principal and non-cash accrued interest converted to common stock and pre-funded warrants   129,184
Non-cash exchange of Series Seed Convertible Preferred Stock for Company Series A non-voting convertible preferred stock   $ 2
December PIPE Financing [Member]    
Cash flows from financing activities:    
Issuance costs offering (809)  
October PIPE Financing [Member]    
Cash flows from financing activities:    
Issuance costs offering (31)  
June Financing [Member]    
Cash flows from financing activities:    
Proceeds from financing 162,073  
At The Market Offering [Member]    
Cash flows from financing activities:    
Proceeds from at-the-market offerings, net of commissions $ 29,331  
[1] Includes no related party amounts for the three and six months ended June 30, 2026 and $1.3 million and $4.6 million for the three and six months ended June 30, 2025, respectively (see Note 6).